Business
We have Invested over $2.3billion in Nigeria”- SANY
“Chinese heavy construction machine manufacturing company Sany says its investment into the Nigeria economy is now over $2.3 billion US dollars. This was the revelation made by the company’s Service manager Mr. Afeez Salau while speaking with newsmen in Abuja. He noted that through its operation in the country the company has deepened and expanded the arrays of construction equipment available in the Nigerian market.
“Sany is an established global brand with presence in all parts of the world and the second largest construction and mining machine manufacturer in the world, we have been in Nigeria for 17 years.
We have deepened the construction equipment market through our investment. In the last 3 years, we have had a year on year growth of 50% in the industry, and we took the biggest market share of excavator in Nigeria with the support of Nigerian government and construction industry.
With this growth we are increasing our presence across the country, with plans to establish offices in Kano and Port Harcourt apart from the existing ones in Lagos and Abuja to further contribute to the development of Nigeria.
Speaking on its future plans and technological transfer efforts Mr Afeez said Sany was currently expanding its team of service engineers who would be only Nigerians, “We are building our sales and service team that would be comprised of only Nigerians with little support from Chinese experts, we are recruiting technicians from the local colleges.
We are going to keep improving the recruitment of Nigerian to develop with Nigeria together”. He added that the company also contributes to capacity development by assembling parts of the machines on site and uses the opportunity to teach local staffs how to assemble the parts themselves.
” There is also a plan to setup a production plant in Nigeria, and employ Nigerian engineers so that the components can be manufactured and distributed here”.
He said that currently Sany has over 2,000 units of Sany machines working in different parts of Nigeria, including excavators, cranes, pump, trucks, rotary drilling rigs among others.
“The reliability of our machines, availability of service parts and good after sales service continue to attract patronage to Sany equipment” he said.
Former Kaduna Central Senator Shehu Sani has criticized the World Bank for worsening Nigeria’s economic difficulties. In a post shared on X, Sani accused the institution of projecting that Nigeria’s hardship would extend for another 15 years before the country could reach a better economic future. He questioned how many Nigerians would be left to enjoy that future, and how many African nations the World Bank has successfully helped to prosperity.
Sani’s remarks follow the World Bank’s latest *Africa’s Pulse* report, which forecasts that the Nigerian Naira will be among the worst-performing currencies in Sub-Saharan Africa by August 2024. The report placed the Naira’s decline alongside that of the Ethiopian Birr and South Sudanese Pound.
Heirs Insurance Group (HIG) recently announced impressive financial results for the 2023 fiscal year, marking significant growth across all key metrics. The Group’s Gross Written Premium (GWP) surged by 59.3%, from N19.9 billion in 2022 to N31.7 billion in 2023. This remarkable performance underscores HIG’s resilience and operational efficiency, further solidifying its position as one of Nigeria’s fastest-growing insurance firms.
Heirs General Insurance (HGI) saw a 77% increase in GWP, reaching N12 billion in 2023. HGI’s profit before tax (PBT) also rose by 203%, reflecting the company’s effective cost management. Similarly, Heirs Life Assurance (HLA) reported a 71% GWP increase and a staggering 395% rise in PBT. Both companies have demonstrated a strong commitment to customer satisfaction, disbursing billions in claims.
Beyond financial success, HIG actively engages in corporate social responsibility (CSR) projects, contributing over N100 million to education, community development, and financial literacy. With plans for future expansion and innovation, HIG is poised to remain a key player in Nigeria’s evolving insurance market.
Federal Capital Territory (FCT) Minister, Nyesom Wike, has called on Nigerians to fulfill their tax obligations, emphasizing that government revenue is essential for delivering social services. Wike made this appeal during the inaugural Abuja Business and Investment Summit, held in Abuja on Wednesday.
Speaking on the summit’s theme, “Optimising Investment Through Partnerships,” Wike stressed the importance of collaboration to generate investment opportunities. He dismissed the misconception that the government does not need revenue, explaining that taxes are crucial for funding public services.
Wike reiterated that both investors and the government must benefit from such partnerships, ensuring that both parties “go home smiling” through a fair exchange of services and taxes.
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